A corporation - a firm, individual, or an association of individuals, etc., may perform all the functions of a "construction company " - which constructs some public work such as a steam or electric railroad. For the purposes of this book, ordinary contractors are not included. The "construction company" here referred to is one which agrees to turn over the completed property in exchange for all, or a part of, the company's securities. This ensures a sale of stocks or bonds, etc., sufficient to pay for the construction. It offers, at times, opportunities for those in control of the "construction company" to obtain securities at low prices, if there is a wide margin of profit between the actual cost of the construction and the face value of the securities taken in payment. It, likewise, affords a chance for a company to issue " watered securities," i. e. securities exceeding in their face value the actual value of the property which they represent, provided that the officers in charge of the affairs of the company are substantially the same as those of the "construction company," as is sometimes the case.